sec.67Effect of withdrawal or suspension on existing liabilities etc.

### sec.67 Effect of withdrawal or suspension on existing liabilities etc. The withdrawal or suspension of a licence does not affect liabilities that had been incurred, or had accrued, before the day of withdrawal or suspension, nor does it affect the insurer’s liabilities under CTP insurance policies that came into force before the day of the withdrawal or suspension. An insurer whose licence has been withdrawn, or is under suspension, is subject to this Act and the industry deed in the same way and to the same extent as a licensed insurer until all the insurer’s liabilities for CTP insurance business have been fully satisfied. If an insurer whose licence has been withdrawn, or is under suspension, is selected or re-selected to be the insurer under a CTP insurance policy, some other insurer decided under subsection (5) or (6) is to be the insurer under the insurance policy. The commission— must consult with the remaining licensed insurers about their capacity to underwrite the CTP insurance policies; and may consult with any insurer the commission considers appropriate for the purpose of the insurer becoming a licensed insurer; and must have regard to the results of any consultation with APRA relevant to the matter. Subject to subsection (6) , transport administration must randomly allocate the CTP insurance policies to the remaining licensed insurers in proportion to their shares of the market for CTP insurance. Subsection (5) does not apply, and transport administration must allocate the CTP insurance policies as decided by the commission, if— the commission decides that the remaining licensed insurers do not have the capacity the commission considers appropriate to underwrite the CTP insurance policies that would be randomly allocated to them under subsection (5) ; or an insurer mentioned in subsection (4) (b) becomes a licensed insurer. Subsections (3) , (5) and (6) are subject to section 67A . This section is subject to the following qualifications where a licence is withdrawn on the transfer, or because of the transfer, of CTP insurance business under part 3 , division 5 — if the transferor’s entire CTP business is transferred—this section does not apply to the withdrawal of the licence; if part of the transferor’s CTP business is transferred—this section applies to the withdrawal subject to section 30 (4) . In this section— APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998 (Cwlth) . s 67 amd 2000 No. 17 s 39 ; 2010 No. 32 s 9 (sec.67-ssec.1) The withdrawal or suspension of a licence does not affect liabilities that had been incurred, or had accrued, before the day of withdrawal or suspension, nor does it affect the insurer’s liabilities under CTP insurance policies that came into force before the day of the withdrawal or suspension. (sec.67-ssec.2) An insurer whose licence has been withdrawn, or is under suspension, is subject to this Act and the industry deed in the same way and to the same extent as a licensed insurer until all the insurer’s liabilities for CTP insurance business have been fully satisfied. (sec.67-ssec.3) If an insurer whose licence has been withdrawn, or is under suspension, is selected or re-selected to be the insurer under a CTP insurance policy, some other insurer decided under subsection (5) or (6) is to be the insurer under the insurance policy. (sec.67-ssec.4) The commission— must consult with the remaining licensed insurers about their capacity to underwrite the CTP insurance policies; and may consult with any insurer the commission considers appropriate for the purpose of the insurer becoming a licensed insurer; and must have regard to the results of any consultation with APRA relevant to the matter. (sec.67-ssec.5) Subject to subsection (6) , transport administration must randomly allocate the CTP insurance policies to the remaining licensed insurers in proportion to their shares of the market for CTP insurance. (sec.67-ssec.6) Subsection (5) does not apply, and transport administration must allocate the CTP insurance policies as decided by the commission, if— the commission decides that the remaining licensed insurers do not have the capacity the commission considers appropriate to underwrite the CTP insurance policies that would be randomly allocated to them under subsection (5) ; or an insurer mentioned in subsection (4) (b) becomes a licensed insurer. (sec.67-ssec.7) Subsections (3) , (5) and (6) are subject to section 67A . (sec.67-ssec.8) This section is subject to the following qualifications where a licence is withdrawn on the transfer, or because of the transfer, of CTP insurance business under part 3 , division 5 — if the transferor’s entire CTP business is transferred—this section does not apply to the withdrawal of the licence; if part of the transferor’s CTP business is transferred—this section applies to the withdrawal subject to section 30 (4) . (sec.67-ssec.9) In this section— APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998 (Cwlth) . - (a) must consult with the remaining licensed insurers about their capacity to underwrite the CTP insurance policies; and - (b) may consult with any insurer the commission considers appropriate for the purpose of the insurer becoming a licensed insurer; and - (c) must have regard to the results of any consultation with APRA relevant to the matter. - (a) the commission decides that the remaining licensed insurers do not have the capacity the commission considers appropriate to underwrite the CTP insurance policies that would be randomly allocated to them under subsection (5) ; or - (b) an insurer mentioned in subsection (4) (b) becomes a licensed insurer. - (a) if the transferor’s entire CTP business is transferred—this section does not apply to the withdrawal of the licence; - (b) if part of the transferor’s CTP business is transferred—this section applies to the withdrawal subject to section 30 (4) .